By Sheri Kasprzak
New York, Jan. 18 - Cabo Drilling Corp. closed its previously announced private placement for C$3,248,950.
The company sold 8,663,867 units at C$0.375 per unit to 34 investors.
The units include one share and one warrant. The warrants are exercisable at C$0.50 apiece for two years.
The expiry of the warrants will be accelerated to 20 days if the company's stock trades above C$0.60 for more than 20 consecutive trading days.
The deal priced Nov. 23 as a C$3 million offering of up to 8 million units under the same terms.
Raymond James Ltd. was the placement agent for C$600,000 of the offering. The remainder was non-brokered.
Proceeds will be used for drilling operations in Panama, for an investment in a private placement by International Millennium Mining Corp. and for working capital.
Cabo is a drilling services company with headquarters in North Vancouver, B.C.
| Issuer: | Cabo Drilling Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$3,248,950
|
| Units: | 8,663,867
|
| Price: | C$0.375
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Placement agent: | Raymond James Ltd. (for C$600,000)
|
| Pricing date: | Nov. 23
|
| Settlement date: | Jan. 18
|
| Stock symbol: | TSX Venture: CBE
|
| Stock price: | C$0.34 at close Jan. 18
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
